The call may sound completely believable.
The person on the phone says they work for your bank. They know your name, the name of your bank and perhaps even the last few digits of your account number.
They tell you that someone is trying to steal your money. There may be suspicious purchases, a compromised account or even a criminal investigation involving your Social Security number.
Then they offer to help.
All you need to do, they say, is move your money into a new account where it will be safe.
This is a scam.
Your Money Is Already Protected
A real bank will never tell you to move your money to another account to protect it from fraud.
Neither will the FBI, the Federal Trade Commission, the Social Security Administration or your local police department.
They will not ask you to withdraw cash, buy gold, purchase gift cards or deposit money into a Bitcoin ATM. They will not send someone to your house to collect your money.
If anyone tells you to do one of these things, stop immediately.
Do not send anything. Do not withdraw anything. Do not follow the caller’s instructions.
How the Scam Works
The scam usually begins with an unexpected call, text message, email or pop-up on your computer.
You may be told that someone has hacked your bank account, purchased an expensive computer using your Amazon account or used your identity to commit a crime.
The scammer wants you to become frightened. When people are frightened, they are more likely to act quickly without stopping to check whether the story makes sense.
The caller may then transfer you to another person who claims to be a bank investigator, police officer or government agent. This second person is also part of the scam.
They may tell you that your bank cannot be trusted. They may warn you not to speak with a teller, your family or the police. Sometimes they say the investigation is confidential and that telling anyone could get you arrested.
These warnings have one purpose: to isolate you from anyone who might recognize the scam.
Caller ID Cannot Be Trusted
Your phone may display the real name or telephone number of your bank. That does not prove the call is genuine.
Scammers can make almost any name or number appear on caller ID. This is called spoofing.
They may also know personal details about you. Some of this information can come from public records, social media or previous data breaches.
A caller knowing your name, address or bank does not mean the caller is legitimate.
The Safest Thing You Can Do
Hang up.
You do not need to be polite, and you do not need to explain yourself. A real bank employee will understand that you want to verify the call.
After hanging up, find the telephone number printed on the back of your debit or credit card. You can also visit the bank’s official website or go to a local branch.
Do not call a number given to you by the suspicious caller. Do not click a link in an unexpected text or email.
When you reach your bank using a number you know is real, ask whether there is actually a problem with your account.
Remember These Warning Signs
It is almost certainly a scam if someone tells you to:
- Move your savings into a “safe” or “secure” account
- Withdraw a large amount of cash
- Buy gift cards and provide the numbers
- Deposit money into a Bitcoin or cryptocurrency ATM
- Purchase gold or another valuable item
- Give a stranger remote access to your computer
- Lie to a bank teller about why you are withdrawing money
- Keep the situation secret from your family
- Act immediately or risk losing everything
Real institutions do not protect customers by asking them to hide transactions, deceive bank employees or hand their savings to strangers.
If You Have Already Sent Money
Do not let embarrassment stop you from asking for help. These scams are carefully designed, and they fool intelligent, responsible people every day.
Contact your bank or financial institution immediately. Tell them that you may have been scammed and ask whether the transaction can be stopped or reversed.
If you purchased gift cards, contact the company that issued them. If you used a cryptocurrency ATM, contact the ATM company. Save all receipts, messages, telephone numbers and emails connected to the incident.
You should also report the scam to the Federal Trade Commission at ReportFraud.ftc.gov and to the FBI’s Internet Crime Complaint Center at IC3.gov.
Finally, tell someone you trust. Scammers depend on fear, isolation and shame. Talking to another person can help you regain control of the situation.
One Rule Can Protect Your Life Savings
If someone contacts you unexpectedly and tells you to move your money to protect it, do not do it.
Hang up. Take a breath. Call your bank directly using a trusted number.
Your bank may freeze an account, cancel a card or investigate a suspicious transaction. But it will never ask you to move your savings into a stranger’s account for safekeeping.
Your money does not need to be rescued by the person on the phone. It needs to be protected from that person.
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